Day 1
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What is Risk management?
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What is risk?
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Risk
management
story
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Risk
management
story
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Risk
management
story
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Risk
management
story
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Why Risk management?
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What is Risk management?
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Risk types
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Risk source
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Definition
PMC202
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All Processes
PMC202
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Risk management Processes
Project Risk Management
The processes of conducting risk management planning, identification,
analysis, response planning, and monitoring and control on a project.
The objectives of Project Risk Management are to increase the
probability and impact of positive events and decrease the probability
and impact of negative events in the project.
“Project risk is always in the future. Risk is an uncertain event or
condition that, if it occurs, influences at least one project objective.
Objectives can include scope, schedule, cost, and quality.”
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Risk management Processes
• Plan Risk Management
o The process of defining how to conduct risk management activities for a project
• Identify Risks
o The process of determining which risks may affect the project and documenting their characteristics
• Perform Qualitative Risk Analysis
o The process of prioritizing risks for further analysis or action by assessing and combining their probability
of occurrence and impact
• Perform Quantitative Risk Analysis
o The process of numerically analyzing the effect of identified risks on overall project objectives.
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Risk management Processes
• Plan Risk Responses
o The process of developing options and actions to enhance opportunities and
to reduce threats to project objectives.
• Implement Risk Responses
o The process of implementing what is agreed upon in the risk responses plan.
• Monitor Risks
o The process of monitoring the implementation of the risk response plans,
tracking identified risks, monitoring residual risks, identifying new risks, and evaluating
risk process effectiveness throughout the project.
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Risk management Processes
Process Name
Plan Risk
Management
Identify Risks
Inputs
1. Project documents
2. Project management plan
3. Project charter
4. Enterprise environmental factors
5. Organizational process assets
1. Project management plan
2. Project documents
3. Agreements
4. Procurement documentation
5. Enterprise environmental factors
6. Organizational process assets
Perform
Qualitative
Risk Analysis
1. Project management plan
2. Project documents
3. Enterprise environmental factors
4. Organizational process assets
Perform
Quantitative
Risk Analysis
1. Project management plan
2. Project documents
3. Enterprise environmental factors
4. Organizational process assets
Tools & Techniques
1. Data analysis
2. Expert judgment
3. Meetings
1. Expert judgement
2. Data gathering
3. Data analysis
4. Interpersonal and team skills
5. Prompt lists
6. Meetings
1. Expert judgement
2. Data gathering
3. Data analysis
4. Interpersonal and team skills
5. Risk categorization
6. Data representation
7. Meetings
1. Expert’s judgement
2. Data gathering
3. Data analysis
4. Interpersonal and team skills
5. Representation of uncertainty
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Outputs
1. Risk management plan
1. Risk register
2. Risk report
3. Project documents updates
1. Project documents updates
1. Project documents updates
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Risk management Processes
Process Name
Plan Risk Responses
Implement Risk
Responses
Monitor Risks
Inputs
Tools & Techniques
Outputs
1. Project management plan
2. Project documents
3. Enterprise environmental factors
4. Organizational process assets
1. Strategies for threats
2. Strategies for opportunity
3. Contingent response strategies
4. Expert judgment
5. Data gathering1. Strategies for threats
2. Strategies for opportunity
3. Contingent response strategies
4. Expert judgment
5. Data gathering
6. Interpersonal and team skills
7. Strategies for overall project
8. Data analysis
9. Decision making
1. Change requests
2. Project management plan updates
3. Project documents updates
1. Project management plan
2. Project documents
3. Organizational process assets
1. Expert judgment
2. Inter-personal and team skills
3. PMIS
1. Change requests
2. Project documents updates
1. Data analysis
2. Audits
3. Meetings
1. Work performance information
2. Change requests
3. Project management plan updates
4. Project documents updates
5. Organizational process assets
updates
1. Project management plan
2. Project documents
3. Work performance data
4. Work performance reports
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Review
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